Land Securities and Hammerson have taken the unusual step of promoting together their separate retail schemes in Birmingham despite competing for occupiers.
LandSec is planning a £400m scheme for Martineau Galleries while Hammerson is spending £300m redeveloping the Bull Ring.
They will share a stand at this year’s Mapic conference in Cannes which increases speculation that the two companies will phase their retail developments which together total 222,960 sq m (2.4m sq ft) of retail.
Agents fear that although Birmingham is short of space, that amount could lead to a flood of new space and rent falls.
The Sunday Business Commercial Property 08/11/98 page 9
